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  #11  
Old 11-27-2018, 01:07 PM
hjacjswo hjacjswo is offline
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Are you sure you are not in "Actuarial business analyst" role or anything similar? I do think that more companies nowadays put "Actuarial" in front in the title for business analysts working in actuarial teams.
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  #12  
Old 11-27-2018, 01:07 PM
hjacjswo hjacjswo is offline
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prelims should be doable without study hours. but, leave as soon as you can obviously
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  #13  
Old 11-27-2018, 01:45 PM
Dr T Non-Fan Dr T Non-Fan is offline
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Bunch of questions. So, I separated them for ease of reading. 'cause, actuary.

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Originally Posted by had3s View Post
I noticed some jobs are labeled as "actuarial" but don't offer any exam support when I ask. I was wondering if it is becoming more common now?
More likely to happen in shittier companies, which won't land top candidates with that kind of "Actuarial Study Program."
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Originally Posted by had3s View Post
I am currently in a position where I am not allowed to get study days and they reimburse only like half the fees. Is it worth it to keep sitting for exams and having to pay by myself or just look somewhere else?
Without any further information, and objectively speaking, yes, of course it's worth it. And it is a legitimate answer to the question, "Why are you leaving before even a year?"
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The pros about this job is the really soft working hours, no stress.
Ah. Low stress is good.
Can I understand that "soft working hours" can mean, "leave an hour early and study"? If so, then voila, a study program.
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I just started there so I don't want to leave right now but I still have over one year experience elsewhere. Any advice? Thanks!
You can look for and find another job ASAP. No one will chastise you for leaving if what you want is a job with a structured study program. One might ask why you took that job if you knew about the non-program or why you didn't ask before you took it. Because, that is what many candidates do before accepting. Matter of fact, it is often one of the selling points of a company in order to attract better candidates.
You could also talk to your boss about it. He/She is in charge of your work duties. If your boss says, go ahead and take 100 hours over the next 20 weeks (an hour a day), then take it. He/She will not offer it without being asked. You might be asked to submit a plan in writing.

Also, it's possible that your company doesn't have a study program because no one has bothered to make one. Whoever is in charge of the actuaries (I'm guessing it's under Underwriting or Finance and not a separate division answering directly to the CEO), probably doesn't understand how important an actuarial department is.
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  #14  
Old 11-27-2018, 11:04 PM
IacceptTheTerms IacceptTheTerms is offline
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I am in the same situation, it sucks.
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  #15  
Old 11-28-2018, 01:04 PM
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Originally Posted by therealsylvos View Post
Meh depends. The costs of cheaping out and not paying ~$1500 per sitting in fees and materials has to weighed against the cost of increased turnover as candidates leave to greener pastures. If you have some other method of keeping your young actuaries, you can do without it. But we're a small world, people know generally what's out there.
How do you know they are not just paying you $1500 less so they can provide you with exam "support"?

-Riley
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  #16  
Old 11-28-2018, 02:53 PM
Kalium Kalium is offline
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Quote:
How do you know they are not just paying you $1500 less so they can provide you with exam "support"?
This. You have to look at the whole package: salary + benefits + exam support, and compare it with what you could get elsewhere. If there is no local competition, they can probably get away with not offering study time.

Ultimately I never found that paid study time was the difference between passing and failing. What made most difference was whether I put in enough study outside working hours.

There are also jobs labelled "actuarial support" or "actuarial analyst" or similar which don't require people to take exams. Easily checked before accepting the role. Taking exams is then your choice - and if they pay half the fees, look on that as a bonus.
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  #17  
Old 11-28-2018, 02:57 PM
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Quote:
Originally Posted by whoanonstop View Post
How do you know they are not just paying you $1500 less so they can provide you with exam "support"?

-Riley
In aggregate they are. There's obviously a budget across all employees. But my personal salary is unaffected if I buy a used manual from someone else on the cheap, or if I get the super deluxe video packages, or if I skip a sitting entirely and spend no money. So as an employee I don't see that direct relationship.

The only point I'm making is that people look to greener pastures for a variety of reasons. If your salary is on par with what you could earn at company B, but company B provides much better exam support, that's going to be something that tempts people to switch.

My feeling is there's quite a bit of behavioral economics at play here. If an EL at company A makes 61.5k, and is offered a job at B with 1,500 in exam support but at a salary of 60k, they're unlikely to take it (though after taxes they come out ahead at B). Likewise B is unlikely to switch to A for lets say 62.5k. People like hanging on to what they have.

However the feelings A and B have about their employer is going to be quite different. These exams are such a suck on life. It's not an insignificant effect on sentiment if you feel your company is actually supporting you through this, vs merely putting up with it. B is going to feel much better about his employer than A is, all else equal.

Obviously it's not the only thing, or even the most important thing. Personally, my current employer offers 1/3 of the paid study hours of my previous employer. Yet I'm far far happier at my new employer despite that, for a variety of other reasons. Exam support is just one lever to pull in employee satisfaction.
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Last edited by therealsylvos; 11-28-2018 at 03:00 PM..
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  #18  
Old 11-28-2018, 02:59 PM
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Quote:
Originally Posted by Kalium View Post
This. You have to look at the whole package: salary + benefits + exam support, and compare it with what you could get elsewhere. If there is no local competition, they can probably get away with not offering study time.

Ultimately I never found that paid study time was the difference between passing and failing. What made most difference was whether I put in enough study outside working hours.

There are also jobs labelled "actuarial support" or "actuarial analyst" or similar which don't require people to take exams. Easily checked before accepting the role. Taking exams is then your choice - and if they pay half the fees, look on that as a bonus.
Of course total hours is going to be the best predictor of passing and failing. But people with more paid study time will likely have more total study hours.
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  #19  
Old 11-28-2018, 04:56 PM
Canadiens Fan Canadiens Fan is offline
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Study programs are expensive: books, study manuals, registration fees, paid study days, etc.
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  #20  
Old 11-28-2018, 07:32 PM
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On average, it runs about $10k per year in the UK
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